Moomoo Account Type

Moomoo offers a limited selection of account types for its users. The available account types include:

1. Individual Margin Account: This account allows users to trade on margin, which means they can borrow funds from the broker to purchase securities.
2. Tax-Free Savings Account (TFSA): Available for Canadian users, this account allows for tax-free growth on investments.
3. Registered Retirement Savings Plan (RRSP): Also for Canadian users, this account is designed for retirement savings with tax advantages.
4. Individual Cash Account: This account requires users to pay for all securities purchases in full, with no borrowing allowed.

Moomoo Broker Account Opening Process

To open a Moomoo account, follow these steps:

1. Download the Moomoo App: Available on both iOS and Android platforms.
2. Register: Open the app and tap on "Get Started" to begin the registration process.
3. Provide Basic Information: Enter personal details such as your tax identification number and address.
4. Confirm Financial Information: Acknowledge the risk disclosure and confirm your financial details.
5. Account Approval: New accounts are usually approved within the same day but may take 1-3 business days in some cases. You will be notified once your account is approved.